Sainty Marine is expected to be removed from the white list as it has completed a restructuring with its parent firm Jiangsu Guoxin Group, and has quit the shipbuilding business and renamed as Jiangsu Sainty Assets Management Co.

SOE, subsidiary of Sinopacific Shipbuilding, has been liquidated and thus far failed to attract any investor to help restructure the company.

The ministry stated that a further 10 yards have changed their names or will be rebranded due to restructurings and consolidation.

The latest reshuffling followed last month’s announcement by MIIT on the removal of seven yards and the addition of six to the white list.

The MIIT added that it has also temporarily stopped accepting applications for the white list in 2017.

China’s shipbuilding industry has been troubled by severe overcapacity of shipbuilding facilities since post-global financial crisis, prompting Beijing to introduce the white list policy in September 2014 for the listed yards to gain prioritised support from domestic bank credit facilities.

However critics of the policy have said that the white list status for private shipyards has not brought about any meaningful benefit, as the policy is ultimately meant to help the state-owned enterprises.

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